Egyptian advertising platform Adzily raises $12.2 million
Egyptian indoor advertising platform Adzily has raised a $12.2-million investment from Saudi investment firm Tharawat Holding Company.
Adzily uses a network of digital display screens placed in cafes, gyms and restaurants.
Tech publication Menabytes said in an article published earlier today that the deal is the first round of external funding the startup has raised.
Adzily, which is based in Sheikh Zayed City in the Giza Governorate, was founded last year by Ahmed Ashoor, Mostafa Hendawy, Mostafa Kamshish, and Mohamed Ossman.
Its website states that the startup’s display screens are available in the following areas in Cairo: Sheikh Zayed City, 6th October City, Zamalek, Mohandseen, Dokki, New Cairo, Rehab and Heliopolis.
Menabytes said the Adzily plans to use the investment to expand its network of screens across Egypt and Saudi Arabia.
The startup currently has 200 screens in Egypt and plans to add 1000 more in the next three months with a goal of reaching 5000 by 2020. This while it plans to install 5000 screens in Saudi Arabia next year and 5000 more by 2021.
Ventureburn sought comment from Adzily but had not received a response at the time of publication.
One of biggest deals in Egypt this year
Adzily’s deal is among the biggest venture capital deals announced in Egypt this year.
So far this year, the biggest deal involving an Egyptian startup has been transport startup Swvl‘s $42-million raise in June.
In September B2B e-commerce marketplace Cairo-based B2B e-commerce marketplace MaxAB announced it had raised a $6.2-million seed round.
In the same month, Dubai-based elearning platform Almentor.net — which was founded by Egyptian Ihab Fikry — raised $4.5-million in a Series-A round led by Egyptian venture capital firm Sawari Ventures. Source: Venture Burn